Carrefour shareholders today (28 July) approved changes to the management structure of the French retail giant.

Voting at an extraordinary general meeting, shareholders approved the creation of a single board of directors that will replace the dual layers of the supervisory and management boards.

"We believe that the new streamlined structure will allow management to operate more effectively," a spokesperson for Carrefour told just-food. "This is why the proposal was put to shareholders."

A number of new members were appointed to the board, including three representatives from the Blue Capital consortium representing billionaire-investor Bernard Arnault and Colony Capital  - Arnault himself, Sebastien Bazin and Nicolas Bazire.

Also appointed to the new board were former French finance minister Thierry Brenton and BNP Paribas executive Jean-Laurant Bonnafe.

The corporate shakeup is Carrefour's answer to its declining share price, which has fallen sharpely recently.

However, the market's response has been lukewarm at best: shares slid 1.23% today dropping to EUR34.57 (US$54.47) at time of press.